There’s still time! Tax tips that’ll save you money
Show of hands: who still hasn’t done their taxes? If you haven’t found the time to do your taxes yet, don’t panic! You’re not alone. Canada’s tax deadline is quickly approaching, and tax software can be a life-saver!
To help you out, we’ve compiled a list of tax software tips and deals that’ll save you time and money – and hopefully make last-minute filing easier! Don’t forget, this year’s deadline to file your tax returns is April 30, 2018 – and make sure the tax software you choose is compatible with the CRA’s guidelines. And what’s more, if you decide to sign up with TurboTax or Quickbooks on our site, you’ll also get free cashback!
1. Tips for Tax Season
- Do your taxes online – Here’s a CRA-approved list of certified tax software.
- Register for My Account – My Account is CRA’s secure online service that’ll save you time and keep your your tax data organized in one place.
- Automate accounting – If you’re registered for My Account, you can use the Auto-fill my return feature which allows you to automatically fill in parts of your income tax and benefit returns.
- Do your taxes on time – Make sure you do your taxes on time each year to avoid interruptions or delays to benefit payments and to avoid a late-filing penalty.
- Seek a volunteer to do your taxes for free – Visit canada.ca/taxes-help to find a volunteer from the Community Volunteer Income Tax Program that may be able to help for free.
- Familiarize yourself with your payment options – There are several payment methods to choose from, e.g. online banking, CRA’s My Payment service, and pre-authorized debit at a financial institution.
- Consider payment arrangements – If you cannot pay all of the amount you owe before the due date, consider setting up a payment arrangement. Use My Account or call the CRA at 1-888-863-8657.
2. Tax Software with Free Cashback
TurboTax is one of the top-ranked and most reliable tax software choices in Canada. The cheapest versions are available online, and you can get the simplest edition for free! You can also connect with a tax expert to guide you through the process.
Be sure to check out all the sales on TurboTax – running until the end of the month!
- Standard: now $15.99 (was $19.99)
- Premier: now $27.99 (was $34.99)
- Self-Employed: now $47.99 (was $59.99)
- Assist & Review: now $79.99 (was $99.99)
- Assist & Review Self-Employed: now $99.99 (was $119.99)
QuickBooks Online allows you to automatically get statements each month and files them for easy reference. If you’d prefer to have a professional take care of taxes for you, QuickBooks allows you to prepare a copy of your data designed for the accountant. Or if you’d rather do it yourself, you can save the data on QuickBooks into a format easily imported into TurboTax.
Additional tax software:
- H&R Block: Great at simplifying the tax filing process, with 3 options available: Basic (free), Assistance ($15.99 per return) and Protection ($25.99 per return).
- UFile: Ideal for students, low-income families (with a total household income under $20,000) and first-timers. Find out if you’re eligible for UFileFree, which is completely free!
- SimpleTax: User-friendly design, made in Canada, and the software is on a pay-what-you-want basis.
- StudioTax: Although not as user-friendly, it’s functional, made in Canada, and free for personal use!
We hope these tips have helped. Let us know what your favourite Canadian tax software is below.
You’re still in time, so don’t worry and go get those taxes filed while you earn some free cashback!